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Fiscal Cliff Fallout Winners from KBW

U.S. Bancorp is an obvious choice for outperforming in a fiscal cliff scenario recession, as the company sailed through the credit crisis, and is the strongest and most consistent earner among the nation's largest bank holding companies, with an operating return on average assets (ROA) of 1.59% for the 12-month period ended June 30, according to Thomson Reuters Bank Insight. Over the same period, the company's return on average equity (ROE) was 14.79%.

Following M&T Bancorp's agreement to acquire the troubled Hudson City Bancorp (HCBK) for about $3.7 billion in stock and cash, or roughly 80% of Hudson City's tangible book value, KBW analyst Brian Klock reiterated his "Market Perform" rating for M&T, saying the bank "has proven to be an effective and efficient acquirer and has proved, in our view, to be disciplined in pricing and diligent in achieving projected cost savings."

M&T's ROA for the 12-month period ended June 30 was 0.97%, while the company's ROE was 8.16%, according to Thomson Reuters Bank insight. Klock estimates that the company will earn $6.75 a share this year, followed by EPS of $7.50 in 2013.

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-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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